{"id":71143,"date":"2022-12-07T16:32:29","date_gmt":"2022-12-07T14:32:29","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71143"},"modified":"2025-09-08T06:45:53","modified_gmt":"2025-09-08T03:45:53","slug":"central-bank-of-nigeria-limits-cash-withdrawals-to-promote-cbdc","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/central-bank-of-nigeria-limits-cash-withdrawals-to-promote-cbdc\/","title":{"rendered":"Central Bank of Nigeria limits cash withdrawals to promote CBDC"},"content":{"rendered":"

Nigerian authorities have imposed withdrawal limits as part of promoting cashless alternatives and expanding the use of the national digital currency, eNaira. \u0433\u043e\u0432\u043e\u0440\u0438\u0442\u0441\u044f<\/a> in the central bank directive (CBN).<\/p>\n

Under the document, off-exchange withdrawal limits for individuals and organisations are 100,000 naira ($225) and 500,000 naira ($1,125) per week respectively.<\/p>\n

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“Exceeding these limits will incur a 5% and 10% commission,” the central bank said.<\/p>\n<\/blockquote>\n

ATMs will allow withdrawals of 100,000 naira ($225) per week, with a daily limit not exceeding 20,000 naira ($45). Machines will dispense only 200-naira banknotes ($0.45).<\/p>\n

For point-of-sale terminals, limits are set at 20,000 naira ($45) per day.<\/p>\n

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“In extraordinary circumstances, no more than once a month, when cash withdrawals beyond the set limit are required for legitimate purposes, such a transaction should not exceed 5 million naira ($10,700) and 10 million naira ($21,400) for individuals and legal entities, with a commission payable,” the directive said.<\/p>\n<\/blockquote>\n

CBN Director of Bank Supervision Haruna Mustafa noted that the aim of the changes is to encourage card payments, use of eNaira, internet banking and mobile apps.<\/p>\n

On October 25, 2021, Nigerian President Muhammadu Buhari announced the launch<\/a> of the national digital currency.<\/p>\n

IMF<\/span> warned that the digital naira could pose risks<\/a> of money laundering and financing of terrorism. Experts at the institution saw such threats in cross-border use of CBDC.<\/p>\n

In August 2022, the CBN governor Godwin Emefiele said that the eNaira was used for transactions totaling 4 billion naira<\/a> ($9.3 million at the then rate).<\/p>\n

Follow ForkLog’s Bitcoin news on our Telegram<\/a> \u2014 news on cryptocurrencies, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigerian authorities have imposed withdrawal limits as part of promoting cashless alternatives and expanding the use of the national digital currency eNaira, according to the central bank directive (CBN).<\/p>\n","protected":false},"author":1,"featured_media":71144,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[284,1095,150],"class_list":["post-71143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-africa","tag-cbdc","tag-nigeria"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71143","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=71143"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71143\/revisions"}],"predecessor-version":[{"id":71145,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71143\/revisions\/71145"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/71144"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=71143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=71143"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=71143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}